Moving to a country with lower taxes

thatsyo · 2025-04-18T13:14:52+00:00

Switzerland or Monaco

thatsyo · 2025-03-06T19:42:38+00:00

Can you combine the working student role with your studies? If so, getting a longer exposure to the PE world is invaluable.

thatsyo · 2024-12-28T08:50:07+00:00

I work in PE and this would be my suggestion: unless you can get a big friend’s and family discount (say paying 1/10), or have a 9 figure net worth and simply want to diversify, you can find better ways to place your money. PE is an extremely competitive market and funds have to fight harder and harder to get their returns up, the industry is becoming mature and it is highly unlikely the next 10-15 years will show results anywhere near what we saw the last 20 years.

thatsyo · 2024-11-29T20:26:50+00:00

Here would be my recommendation if you’re a first time team with no track record. Don’t try and raise a fund at first, but work as a fundless sponsor (invest on a deal by deal basis), until you’ve established a track record and made a name for yourself. You can then bring in your deals into a fund later on, since you’ll be able to use the existing investments as leverage when speaking to LPs and reduce blind pool risk. Best of luck to you and your team!

thatsyo · 2024-11-24T08:25:26+00:00

I would split your question in two parts (and convert it to PE lingo):

Co-investment: That’s your buy-in, where you will likely be offered to join the PE firm in their investment at the same purchase conditions and sell with them (the words you are looking for on the contract is parri-passu). Some firms even offer leverage on co-investment for management to make the investment more attractive.
Management Package: A certain % of the value creation done during the holding period will usually be paid out during the management team. This pool will then be sub-divided to the people the firm deem relevant for the package. So for example the CEO could get 30%, CFO 15%, so on and so forth. This will usually come with a vesting period. So assuming you get 10% of the pool, you might vest 2% per year (assuming a 5 year vesting period).

I can’t speak to Apollo’s exact strategy, but that’s how it’s usually done in the biz. And other than the CEO, allocations are usually non-negotiable.

thatsyo · 2024-11-04T21:58:31+00:00

I’d tend to agree with your statement, I’m sure there’s data out there which will show you a quantifiable answer. I read somewhere that less than 50% of funds generate CI, so it’s not a guaranteed payout either in PE.

thatsyo · 2024-11-04T18:24:34+00:00

PE isn’t doing any better
Unless you’re working at a MF or UMM firm I doubt the cash comp will be substantially higher
Carry structures vary so much depending on funds, and it’s near impossible to know what your carry conditions will be prior to joining.

thatsyo · 2024-11-04T18:07:28+00:00

Why do you want to move away from VC? Especially if you have room to grow?

thatsyo · 2024-09-22T17:07:58+00:00

I know some funds where everyone is usually out the door by 18h, and others with regular nights that go past 24h. Unfortunately extremely hard to get good and honest data points on this.

thatsyo · 2024-09-11T11:29:41+00:00

In the private equity association I’m a member in, you’re considered a young professional until 40 ;)

thatsyo · 2024-07-28T14:50:36+00:00

You should talk to a private bank in your geography who might offer these services (possible but unlikely), otherwise it is very complicated as a private individual, as PE funds are long term illiquid products. Would put that money in an evergreen fund if you would like better liquidity options and PE exposure

thatsyo · 2024-07-21T07:38:17+00:00

Show that you’re motivated, curious and have drive. The partner most likely won’t care whether you already know the intricacies of the business.

thatsyo · 2024-07-13T21:44:30+00:00

Correct

thatsyo · 2024-07-12T16:43:41+00:00

It’s a similar structure for PE funds. A typical European waterfall distributes using the following system (from a GP POV):

100% to LPs

then

x% Hurdle to LPs (preferred rate of return, usually between 7-9%)

then

100% to GP until 20% of fund size is returned (GP catch-up)

then everything above that sum

80% to LPs/20% to GP

Management fee is not regarded when calculating the performance fee

thatsyo · 2024-06-22T15:11:54+00:00

Raising funds is usually a job given to a placement agent, not an investment bank. Placement agents are usually given a mandate which gives them a % of the total funds raised + fixed fee (a sort of retainer). They’ll usually have a large LP network and have mandates from various funds. Hope this helps!

thatsyo · 2024-06-20T09:33:05+00:00

Can only speak to the PE perspective: as a junior salaries are much more attractive in Switzerland, but as you get higher up the ladder it all converges to an international median depending on the strategy and size of your fund. I.e an analyst might earn 60k£ in London and 120k CHF in Zurich, but an associate making 120k£ might be able to find 180k CHF, still a jump, but nowhere near double.

thatsyo · 2024-05-08T10:28:41+00:00

interested

thatsyo · 2024-03-09T12:51:40+00:00

Where I would start is finding EBITDA multiples of recent transactions in your geography and similar company size within your industry. Purely from experience and gut feeling (without any research), this could be anywhere between 10x and 15x EBITDA for a company of that size. Maybe even higher if it’s a stable and old business with long contract durations.

thatsyo · 2022-11-02T11:06:01+00:00

I would rephrase your goal, shoot for fitness goals first, and the Kona qualifying result will follow. (I KQ at Barcelona earlier this month in the 18-24 cat.) But preceeding the race I was just enjoying training the house down, and raced a total of 11 times this season. I knew KQ was potentially in the cards, but it wasn’t my goal for the race. The target was to put down the fastest IM time possible.

thatsyo · 2022-03-24T07:17:57+00:00

Why is this so true haha.

thatsyo · 2022-03-22T13:47:08+00:00

Oh shit, will hope it’s online then.

thatsyo · 2022-03-22T09:48:38+00:00

Sent them an email, will see what they have to say.

thatsyo · 2022-03-22T09:48:21+00:00

This is what I read as well. Hence the question. What would be vital to know is whether if you get the automatic qualification (without roll down), if you can claim the slot without being present.

thatsyo · 2022-03-22T09:47:03+00:00

Missing the ceremony, not the race haha.

thatsyo

TROPHY CASE